WEDNESDAY, MAY 10, 1989
BUT HE SAID THAT, WITHOUT GOING INTO ALL THE PROS AND
WOULD. HOWEVER, ASK MEMBERS
A SALES TAX OR A WHOLESALE TAX, HE
CONSIDER CAREFULLY THE EFFECT ON THE LESS WELL TO DO COMMUNITY OF OUR PRESENT NARROWLY BASED TAX SYSTEM.
CONS
OF
ΤΟ
MEMBERS OF
THE
BROADENING OF THE ΤΟ RATIONALISE OR BRING DOWN
THE FINANCIAL SECRETARY POINTED OUT THAT A INDIRECT TAX SYSTEM WOULD ENABLE HIM OTHER TAXES.
HONG KONG "THE REST OF THE WORLD IS MOVING IN THIS DIRECTION.
IT GAINS FROM HAVING LOW MUST NOT LOSE THE COMPETITIVE EDGE THAT DIRECT TAXES," HE SAID.
"IF WE LOSE THAT EDGE, IT IS LIKELY THAT INVESTORS ELSEWHERE, AND ULTIMATELY THIS COULD HIT OUR LABOUR FORCE.
WOULD LOOK
"WOULD I REALLY BE PERFORMING SUCH A SERVICE FOR THE LESS TO DO MEMBERS OF THE COMMUNITY IF I WERE TO ALLOW THIS TO HAPPEN?"
THESE WERE THE THINGS THAT THE GOVERNMENT HAD IN PUTTING TOGETHER ITS PROPOSALS, HE SAID.
WELL
TO THINK ABOUT
ΤΟ
"IN DUE COURSE, SHOULD WE DECIDE TO BRING FORWARD
OPPORTUNITY TAX, THERE WILL BE PROPOSALS.
AMPLE
"INDEED, I REGARD
FOR
MEMBERS
IT
AS ESSENTIAL AND
A WHOLESALE EXAMINE
OUR
PROPER THAT
PUBLIC
"
HE SAID.
DISCUSSION ON THIS ISSUE SHOULD TAKE PLACE IN THIS COUNCIL,
PROPOSALS, TURNING TO MEMBERS' COMMENTS ON HIS 1989-90 REVENUE
FORMULATED HAVING REGARD TO THE MR JACOBS SAID HIS PROPOSALS WERE
TO AVOID ADDING AND SPECIFICALLY OVERALL ECONOMIC INFLATIONARY PRESSURES. DESPITE A LARGE FORECAST SURPLUS.
SITUATION
"BUT WHAT I HAVE SOUGHT TO ACHIEVE IS A
STRIKES A THAT
AND ONE INFLATIONARY, REQUIREMENTS AND LOWERING THE TAX BURDEN.
то
PACKAGE THAT IS NOT
BETWEEN
REVENUE
BALANCE
"HAD I PROPOSED TAXATION MEASURES WHICH FUELLED INFLATION, SECTORS OF OUR COMMUNITY WOULD HAVE BEEN ADVERSELY AFFECTED,
COMMENTING ON THE SUGGESTION BY
PAYMENTS.
ALL
H
HE SAID.
RELIEF BE BE WOULD
WOULD
MEMBERS THAT TAX MR JACOBS SAID IT PROVIDED FOR HOME PURCHASE EXPENSIVE IN TERMS OF REVENUE LOST AND, PERHAPS MORE IMPORTANT, RESULT IN AN INAPPROPRIATE STIMULUS TO DEMAND.
PERSONAL
ON A CALL FOR ABOLITION OF THE CLAWBACK ON ADDITIONAL
CONCEPT OF THE CLAWBACK TAXATION ALLOWANCES, HE EXPLAINED THAT THE WAS BASED ON THE ABILITY TO PAY.
ENTITLEMENT TO ADDITIONAL
NOT
"THROUGH ITS OPERATION, A PERSON'S PERSONAL ALLOWANCES DIMINISHES AS HIS INCOME INCREASES. THIS DOES SEEM TO ME TO BE INEQUITABLE."
/HE SAID ...........